Citigroup assigned Citibank's U.S. account to Fallon
, Minneapolis, three years after consolidating the bank's global account at Y&R Advertising, New York, according to executives close to Fallon. Y&R will retain the account outside the U.S., while sibling Young & Rubicam shop Impiric will keep Citi's direct marketing account. Citibank spent $48 million in U.S. media in 1999, according to Competitive Media Reporting. Citibank didn't return calls at deadline, and Fallon declined to comment. The review, conducted in-house, officially began in April, though Citigroup officials had begun quietly contacting agencies in March, leading to speculation that the bank planned to change its roster. At the time, Citibank officials said the review was brought on by changes, including the 1998 merger of Citibank and Travelers Group. But observers have noted the bank has gone through high-level management turnover, including the departures of Exec VP-Global Business Bill Campbell and Exec VP-Global Marketing Brian Ruder, both of whom had ties to Y&R. Additionally, Citigroup Chairman and Co-CEO John Reed retired in April, leaving Sanford Weill, Travelers' pre-merger chairman, as sole CEO.
Copyright August 2000, Crain Communications Inc.